Edward Rogers, the only son of the late Ted Rogers, may not succeed his father as CEO of Rogers Communications. But he will succeed his father in the controlling shareholder position via a family trust structure outlined Monday.
In a move that separates ownership of Toronto-based Rogers Communications from executive control, at least for now, the media group said that Ted Rogers’ estate has informed it that his 90.9% of the class A voting shares and 7.5% of the class B non-voting shares will now be controlled by the Rogers Control Trust.
Edward Rogers will head up the family trust as chair and his sister Melinda Rogers will serve as vice-chair.
‘The Rogers Control Trust holds voting control of the Rogers group of companies for the benefit of successive generations of the Rogers family,’ the cable and wireless phone giant said in a statement.
At the same time, management of publicly traded Rogers Communications will remain in the hands of the board of directors, which is led by interim CEO Alan Horn.
A special committee of directors has launched a search for a permanent CEO to replace Ted Rogers.
Edward Rogers, who serves as president of Rogers Communications’ cable division, and Melinda Rogers, a company VP, have been rumored as possible successors as CEO.
But the speculation is that Nadir Mohamed, president and COO of Rogers’ wireless phone business, or another senior Rogers Communications executive is more likely to step in as CEO until Edward or Melinda Rogers have more executive experience behind them.